NextProcess

DECEMBER 1, 2023

In one 2017 survey, 69% of companies said they didn’t have full visibility into their supply chain, which is a key aspect of the P2P process. Mapping and Evaluating P2P Workflow Traditionally, the procurement department handles sourcing and purchasing, while receiving and paying invoices falls under the purview of other departments (e.g.,

Purchase Order 52

Purchase Order Accounts Payable Accounts Payable Invoicing 52

AvidXchange

AUGUST 9, 2018

Consider the time and money spent manually entering a printed invoice into your accounting system, then continuously tracking approvals, the purchase order, and other details just to pay the vendor on time. Lower performing companies rely on manual invoice processes which often lead to manual mistakes and lack of control.

Invoicing 52

Invoicing Purchase Order Accounts Payable Accounts Payable 52

NextProcess

OCTOBER 8, 2023

As of 2017, only 6% of surveyed companies reported total visibility into their supply chains ( GEODIS, cited by Finances Online ). Additionally, bypassing the procurement department means the procurement team doesn’t have access to purchasing data. It can also damage supplier relationships.

Purchase Order 52

Purchase Order Collections Budgeting Invoicing 52

AvidXchange

OCTOBER 11, 2022

The challenge: Too much paper, too much wasted time Piedmont Service Group was drowning in thousands of paper invoices and struggling to match them with purchase orders. Our invoices were in one system and data entry in another, which meant matching was especially time-consuming and complicated,” said Smothers. “Our

AP 52

AP Data Entry Invoicing Invoice Processing 52

NextProcess

SEPTEMBER 26, 2023

If it’s like 69% of companies surveyed in a 2017 study, then you don’t have total visibility into your supply chain ( GEODIS, cited by Finances Online ). Tracking KPIs like order frequency, invoice and PO accuracy, and cycle time gives you important insight into whether your procurement process is functioning the way you want it to.

Purchase Order 52

Purchase Order Record Keeping Collections Budgeting 52

AvidXchange

JULY 21, 2018

In 2017, 3.3 According to AFP, over the past decade, fraud risk for checks has spiked—rising from 60% in 2013 to 78% in 2017. After information is electronically extracted from the invoice, it goes through your pre-determined approval process. After the invoice is approved, payments are disbursed. from last year.

AP 40

AP Billing Invoicing General Ledger 40

AvidXchange

JULY 26, 2022

Better data access and reporting When businesses use paper to make payments, they often spend a lot of time (and therefore money) searching for invoices and purchase orders. Paying electronically means workers don’t have to take on unnecessary health risks by going to corporate offices to touch and process checks.

AP 52

AP Billing Accounts Payable Accounts Payable 52